article ii
project cost account and funding requirements
section 2.1. creation of development program fund. the city hereby confirms the creation and establishment of a segregated fund in the name of the city designated as the 'bbb corporation municipal development tax increment financing district program fund' (the 'development program fund') pursuant to, and in accordance with the terms and conditions of, the development program. the development program fund shall consist of the project cost account. the project cost account shall consist of the city subaccount and the developer subaccount.
section 2.2. liens. the city shall not create any liens, encumbrances or other interests of any nature whatsoever, nor shall it hypothecate the developer subaccount of the project cost account of the development program fund or any funds therein or revenues resulting from investment of funds therein, other than the interest of the developer granted under this agreement in and to the amounts on deposit in the developer subaccount, provided, however, nothing herein shall prohibit creation of real and personal property tax liens on the developer's property in accordance with, and entitled to the priority provided under, _________(address) law.
section 2.3. deposits into development program fund. the city shall deposit into the developer subaccount of the project cost account within fifteen (15) days after the city's receipt thereof, an amount equal to the developer share of the retained tax increment revenues for the period to which the payment relates. all amounts deposited in or transferred to the developer subaccount of the project cost account shall be paid to the developer in accordance with article iii of this agreement. all interest and earnings on the retained tax increment revenues prior to and after deposit thereof into the project cost account shall be the sole property of the city and shall be free and clear of any interest of the developer under this agreement.
section 2.4. monies held in trust. except as otherwise permitted in this agreement, all monies required to be deposited with or paid into the developer subaccount of the project cost account to fund payments to developer under the provisions hereof and the provisions of the development program, shall be held by the city, in trust, for the benefit of the developer in accordance with the provisions of this agreement. all funds in the city subaccount of the project cost account shall be the sole and exclusive property of the city and shall not be subject in any way to the terms or provisions of this agreement.